Bank Nifty EOD Dec 27 Update

Bank Nifty bounced back from 17600 level(3 digit Gann number).

This is hourly chart. If wave 3 is completed at 17609, then wave 4 will move towards 18200/18300 level. It looks triangular pattern formation (ED/Complex correction) possibility is likely. On Dec 25 post I wrote "If RSI brakes 44 level and move up then we can look for reversal or bigger correction. If hourly RSI breaks 25, we can expect sharper down move." Today on Hourly chart RSI broke 44 level and then Index zoomed sharply. Let us take a look at 15 min chart:

It seems wave i & ii of wave 4-(A) upside completed. wave iii(i) and iii(ii) also completed and wave iii(iii) is in progress.

Again 1 SD line of Inside Pitchfork acted as strong support and Index bounced back. Index now may quickly go to median(central) line.

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Bullish Stocks to watch for Week Jul-13-17, 2020

PVR: CMP - 1047.10 Above 1070 Target 1140/1240/1300/1320 SL: 1005 NIITTECH: CMP - 1592.90 Above 1620 Targets are 1750/1770 SL: 1560 MCDOWELL-N: CMP - 636.10 It achieved all targets give in the last week. It looks to continue its bullish momentum. Above 643 Targets are 660/670 SL: 630 JINDALSTEL: CMP - 169.15 Above 171 Targets are 178/182/190 SL: 165 This is only for educational purposes. I am not advising any trades.

Bank Nifty EOD Update Mar 14

As expected Bank Nifty opened major Gap Up of 462 points at 20189 and made high of 21274 and then retraced to make day low of 21059 and closed at 21102. Daily chart shows, Bank Nifty broke the upper line of blue channel within which it was moving for last 3 weeks. Bank Nifty closed above 21100 that is 3 digit Gann no, hence bullish for Bank Nifty. As long as it close above 21100 on daily closing basis view is bullish on Bank Nifty for target of 21800/22500 in coming days. Angles on Hourly chart shows Bank Nifty reversed from 26.5 degree angle and find support at 18.75 degree and bounced back. Tomorrow Bank Nifty may move in narrow range and protect today's Top/Bottom awaiting Fed rate decision and may react in Thursday morning to news!

MoneyNaad

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